Property division, a family business and making the best choices

On behalf of Dennis R. Wallace of Law Office of Dennis R. Wallace, P.A. posted in property division on Wednesday, May 15, 2019.

A family-owned business is one of the most important and valuable assets that a Florida couple may own. For one or both parties, it may be the primary source of income. When a couple decides to divorce, one of the main concerns is over what will happen to the business. These types of closely held assets can be the most complex aspect of the property division process in divorce proceedings.

After a divorce, it is likely that a couple will no longer be able to continue working together. This leaves the option of selling the business entirely or one spouse buying out the other party's interest. A lump sum payment is not always a possibility for a person going through divorce, but there are other ways to make this transaction a reality. Through negotiations and discussions, a couple may agree to a payment plan, a transfer of certain assets or another mutually satisfactory arrangement.

No matter what choice a couple makes regarding their business, each spouse will want to consider the impact of his or her choices. Long-term, there could be significant tax consequences to retaining certain assets. Whether keeping the business or selling the business, it's crucial to be cautious and think about what will be best long-term.

Divorce is a complex process. Negotiating a fair property division settlement is not always easy, especially when there is a family business at stake. A Florida small business owner may want to seek guidance regarding how to intentionally pursue a fair property division settlement that will make sense long-term.

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Law Office of Dennis R. Wallace, P.A., is based in Port Charlotte, Florida. We represent clients throughout the area, including the cities of Punta Gorda, Englewood, Arcadia, Venice, North Port, Harbour Heights, Rotonda, Englewood Beach, Charlotte Beach, Charlotte Harbor, Murdock, Nokomis, Fort Myers and Cape Coral, as well as in Charlotte County, Sarasota County, DeSoto County and Lee County.